Retirement extension and Thai Company

[rjwill01]

I have been on Retirement extension for about 2 years now. God forbid if I would have said retirement visa on this site. You guys are brutal.

Anyway,  my question is: can I purchase a condo with my Thai Wife  and myself as a Thai Company? Sorry If I posted in the wrong forum, but that is also very confusing on this site. 

 

[Maestro]

Yes, a Thai company can purchase an apartment in a condominium building.

Yes, a foreigner with a retirement extension of stay can be a shareholder in a Thai company. The total nominal value of the shares owned by foreigners must be below 50%



Sent from my Nexus 5X using Thaivisa Connect mobile app

[rjwill01]

Thank you for the info. Just one more question since that is good news. Can that Thai Company then purchase more than one condo. I want to be able to leave my Thai wife something when my time is up. I would like to create a Thai Company with her the 51% holder. Purchase 3 condos to rent out over the next 7 to 10 years. She will be able to live off those later on. Are there any restrictions that prevent me from doing this?   I am 70 and she is 47 and I am just trying to take care of her since I have pretty good retirement income coming in each month, but very little cash to buy her a house at this time. A lot of people think I am crazy, but you know that is my wish. Thanks again. 

[Stanley78]

Please note that you can buy a condo in your own name (no need for a Thai company) or even buy half of it in your name and half in your wife's name. I own a condo 50/50 with my wife in Bangkok and it was extremely easy to sort out at the land office.

 

There are no restrictions for foreigners to own condos in Thailand, as long as the total sqm in the building you buy in isn't more than 49% foreign owned.

 

My condo is in a good building in early Sukhumvit with a lot of foreigners living in it. I thought it might be close to 49% foreign owned but I took a look at the numbers and only 13% were in fact non-Thai.

 

So I doubt that's a problem which is likely to present itself.

 

What is the reason you want to use a Thai company to own the condos?

Edited January 28, 2017 by Stanley78

[rjwill01]

Thank you for the info. Just one more question since that is good news. Can that Thai Company then purchase more than one condo. I want to be able to leave my Thai wife something when my time is up. I would like to create a Thai Company with her the 51% holder. Purchase 3 condos to rent out over the next 7 to 10 years. She will be able to live off those later on. Are there any restrictions that prevent me from doing this since I am on a Retirement Extension.    I am 70 and she is 47 and I am just trying to take care of her since I have pretty good retirement income coming in each month, but very little cash to buy her a house at this time. A lot of people think I am crazy, but you know that is my wish. Thanks again. 

 

I was always being told not to do anything of value while on Retirement Extension  or O visa. I am just trying to figure out how to leave her something, but don't want to jeopardize my Extension or Visa. 

[Carib]

7 hours ago, rjwill01 said:

I was always being told not to do anything of value while on Retirement Extension  or O visa. I am just trying to figure out how to leave her something, but don't want to jeopardize my Extension or Visa. 

You will not jeopardize your extension of stay when buying a condo or more than one. It is an old wife's tale . Lots of foreigners on an extension of stay bought their own condo (s) and or rent it (them) out. Buying it on both your own and your wife's name is possible too. Why the Thai company route is beyond me, it is making things much more complicated IMHO. 

[wayned]

8 hours ago, rjwill01 said:

 A lot of people think I am crazy, but you know that is my wish.

 

It's your life, it's your money!  Tell everybody that thinks that you are crazy to go pound sand!!!

[rjwill01]

20 hours ago, Carib said:

You will not jeopardize your extension of stay when buying a condo or more than one. It is an old wife's tale . Lots of foreigners on an extension of stay bought their own condo (s) and or rent it (them) out. Buying it on both your own and your wife's name is possible too. Why the Thai company route is beyond me, it is making things much more complicated IMHO. 

Thanks for the info Helps me a lot. I often see condos deeded in Thai Companies. I just assumed they could only be bought the same way they are owned. That was the only reason for the Thai company interest I had.  thanks again.